Market Research: Men Are More Obsessed With Luxury Than Women.

Ipsos, an international market research firm, recently released the Global Affluent Study global affluent population research report.

A survey of 82 thousand high-income consumers from 47 countries found that (the screening standard was more than $125 thousand in family income in the fourth quarter of 2018). Men (especially millennial male consumers) had a more positive attitude towards high-end luxury goods and jumped to the main goal of brand marketing.

According to the survey, 2/3 of respondents prefer high-end luxury experience, but 40% of male consumers are more interested in visible visible luxury goods.

More than half of the respondents were optimistic about the economic situation, and this positive attitude was also reflected in their luxury purchase plan.

In 2016, 64% of respondents would buy luxury goods, 9% would increase their spending on luxury goods; in 2018, the percentage of respondents who purchased luxury goods increased to 75%, and those who planned to increase their spending on luxury goods increased to 16%.

These respondents generally believe that although luxuries are not necessaries of life, they will make them happier.

Though most inclined to buy electronic products, these consumers will also buy advanced watches, jewelry, good wine, luxury cars and invest in luxury vacation trips.

The survey found subtle differences between high-end goods and luxury goods.

63% of respondents believe that high-end brands are closely related to the quality of products, but the pleasure of shopping experience and use determines the special status of luxury brands.

But with the continuous development of luxury goods industry, the luxury industry is also quite different from that of five years ago.

50% of respondents said they would not define luxury brands based on prices.

This idea provides an opportunity for low price brands to enter the luxury market.

The sense of guilt about buying luxury goods

Not only ordinary consumers, but also for rich consumers, buying luxury goods often brings a mixed feeling of joy and guilt.

The survey shows that women are more guilty of buying luxury goods than men.

Millennial generation is more guilty than older groups.

The millennial generation grew up in the recession, which had an impact on their way of understanding luxury goods.

Unlike older consumers, these young millennial consumers often spend too much money.

Their sense of guilt for buying luxury goods is 67%, far higher than the average value of 54%.

To alleviate consumers' guilt, marketers often convey to consumers through advertising or other means that luxury consumption is a concept of "self reward" and "deserved".

Millennial generation and female consumers promote the sustainable development of luxury goods industry

Millennial generation has promoted many trends of luxury goods, including sustainable development.

75% of the millennial respondents expressed willingness to buy brand goods with a strong sense of social responsibility, far higher than the average of 55%.

Female consumers also contribute significantly to the environmental protection reform of luxury goods, and 62% of women are willing to spend more money on it.

Most women and millennial consumers will also look for other people's evaluation of the designated products before buying them.

Although millennials were considered utilitarian, 84% of the millennial respondents chose the first one, which is more important than money, in the two options of "full life happiness" and "extreme wealth".

Men shopped more frequently than women.

Driven by millennial generation of male consumers, male consumers have bought more luxury goods than women, and their pride and sense of luxury are also higher.

34% of millennial male respondents plan to increase their spending on luxury goods in 2019.

The survey found that the proportion of women buying luxury goods was higher.

The proportion of men buying luxury or luxury experience is 20% higher than that of women.

The survey also found that:

Compared with ordinary consumers, affluent consumers have better acceptance of new technology.

35% of respondents said they wanted to be able to experience technology innovation products first.

Wealthy consumers are more mobile.

These interviewees take international flights 330 million times a year.

Respondents in the Middle East travel the most, and 30% of them travel on more than 5 international flights.

More affluent consumers invest more times

Prefer to browse the international media.

Nearly 80% of the respondents watch the international TV network every month, and more than 25% of the respondents read international newspapers or magazines.

Michael Baer, senior vice president and director of consumer interaction at Ipsos, said that the attractiveness of luxury goods to male consumers is rising, and men are more obsessed with luxury than women.

The psychological satisfaction that luxury brings to consumers promotes the development of industry.